Saxo Bank is seeking to expand its cryptocurrency offerings. To this effect, the firm has announced that it will be expanding the list of its exchange-traded products (ETPs). These products track the prices of the supported cryptocurrency assets.
The Tuesday announcement further stated that the firm would offer nine crypto-FX pairs and expand the position limits.
Saxo Bank Expands Offerings
The firm has been adding new products to its portfolio to attract a new set of clients. One of the products it has added is the ProShares Bitcoin futures ETF. The $BITO ETF has been one of the best performing crypto products in US markets over the past week.
The other expansion is in the position limits. The firm has noted that its retail clients can enjoy positions of up to $200,000, which was a four-fold increase from the previous $50,000. The limit for professional investors has been increased from the previous $200,000 to $500,000.
The Commercial Owner for the Trader segment at the bank commented on this expansion, stating that, “Saxo Bank set out to provide a product which offers the security and ease of use associated with more traditional asset classes, coupled with the market trends and price dynamics of the crypto space.”
Saxo bank Enjoys Major Crypto Trading Volumes
The high demand for crypto products has been reflected in Saxo bank’s financial results. The financial results from the firm show that the brokerage firm has reported a turnover of $2.5 billion from its crypto derivatives trading division.
The brokerage firm recently started offering crypto as an asset class. Initially, its product offerings only included forex and other financial instruments. However, the firm stated that crypto products would only be available in Australia and Singapore.
During the recent press release about product expansion, the firm stated that the crypto FX division had enjoyed growing demand from clients. The firm also stated that it expects interest in this product to grow as the demand from investors continues to increase.
The brokerage firm is seeking to expand its services to other jurisdictions. The firm recently obtained two licenses in Hong Kong to start offering asset and wealth management services.
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